Are banks required to issue 1098s for Land Loans closed during 2001; if yes, where can I find the citation.
I have an attorney that would like me to set up a joint checking account for married customers of his who each have their own irrevocable living trust. This did not seem possible to us, so we set up the account outside of the trust format. He is telling us it can be done. Technically I believe I found this could be done by also using a Tenants in Common format, however it would put the bank at risk as we are not capable of individually policing their checks to make sure that they both have signed the checks appropiately. We've basically determined this is not the type of account that we want or will open. Are we correct in this assumption or is there another way to achieve what the Attorney is telling us we need to do?
Can a Safe Deposit Box be opened with a POD?
In an UTMA established in Illinois, can you name/establish a successor beneficiary in the event that the minor the account was originally established for dies? If you cannot name a survivor beneficiary and the minor named on the account dies, does the money become the property of the Custodian?
The original wording of the first RESPA Act in 1972 was very simple.
A recent survey found that the number one barrier to owning a home among the nation's Hispanic population is lack of their comfort and knowledge about the process itself.
I took part in the 2001 IRS Information Reporting for Financial Institutions on 10/4/01 and have a couple of questions about IRS reporting. (1) It stated that if we issue checks on real estate secured loans to an appraiser then we must file a 1099 misc. Is this true for checks issued to a title company or flood determination company? (2)On sole proprietorships, it stated that the individuals first name should be the name listed first, however, we have been putting the name they filed as first. Is this wrong? (3) Is the loan origination fee to be included on the 1098? (4) Also where can we find some guidance on OREO loans and what needs to be reported?
Editor's Note: We frequently address suspicious activity reporting, but one of the requests from the government is that we cut down on the number of Currency Transaction Reports being filed by fina
A customer opened a CD with 3 beneficiaries. The customer died prior to maturity. The beneficiaries want to renew the CD under the original customer' name and TIN and have the interest paid to one of the beneficiaries. Can the bank renew a CD in a deceased persons name or should it be renewed in the name of the estate or the name of the beneficiaries?